They've implemented a short-term strategy that sacrifices long-term results. They want to create enough brand equity to withstand a competitive threat.

It's his heart and soul, it's kicking ass all over the world and becoming a huge brand. He would be really reluctant to leave it now.

There is naturally a tension between short-term and long-term, ... The key is, you can never sacrifice your long-term growth, your long-term reputation, to the short-term. You miss a quarter, you miss a quarter. You miss a bunch of quarters, that's a different matter.

Funds with a short-term strategy are moving around. But the lack of visibility in the outlook for Japan's structural reforms and uncertainty over the U.S. economy, U.S. stocks and the attitude of investors there mean longer-term funds sit tight.

The fee, in effect, reimburses the funds for the costs short-term traders create.

The more you chase the Holy Grail of short term performance, the less you get in long-term results